(Credit: Pixabay)The increasing demand for energy worldwide and traditional energy independence due to volatile oil prices is encouraging governments throughout the world to harness the potential of renewable energy, driving the global market for wind turbine materials. That’s according to analysis by Frost & Sullivan.
The report says the wind turbine materials market is likely to almost double, reaching $19.57 billion by 2026 from $10.76 billion in 2019, a compound annual growth rate (CAGR) of 8.9%.
Frost & Sullivan's report, “Global Wind Turbine Materials Market, Forecast to 2026,” covers global market trends, including market drivers and restraints, regional technology trends, and key market participants. APAC, divided into India and the Rest of Asia-Pacific, will continue to lead the market for both structural and non-structural materials due to the rapid development of the region's wind energy sector. The report says the Middle East and Rest of the World (ROW comprises countries in Africa, Latin America, and others, including Russia and Turkey) are expected to be the two fastest-growing wind turbine materials markets, with increasing government spending and favorable policy targets for wind energy deployment in these regions.
Uncertain government policies and inconsistent incentives and tariff rates, along with the scarcity of infrastructure for wind energy transmission, are likely to restrain the growth of the wind turbine materials market, the research notes. However, original equipment manufacturers' (OEMs') focus on innovation and product enhancement within existing material chemistries is expected to unlock tremendous growth opportunities, including:
A projection of $19 billion in market value by 2026 is a decrease from Frost & Sullivan's January predictions, which said the sector will grow at a CAGR of 22.5% between 2018 and 2025, with revenues slated to rise from $7.4 billion to $30.5 billion.
